Market Overview

Blackbird Energy Inc. Announces Record Second Quarter 2018 Financial and Operating Results

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CALGARY, Alberta, March 26, 2018 (GLOBE NEWSWIRE) -- Blackbird Energy Inc. (TSX-V:BBI) ("Blackbird" or the "Company") is pleased to announce record financial and operational results for the quarter ended January 31, 2018. Blackbird's unaudited condensed consolidated interim financial statements and related management's discussion and analysis for the quarter ended January 31, 2018 are available on SEDAR at www.sedar.com and are also posted on Blackbird's website at www.blackbirdenergyinc.com.

Highlights

  • Record Corporate Production: Blackbird is pleased to announce that for the three months ended January 31, 2018, the Company achieved record corporate production of 2,082 boe/d (57% liquids) for the 55 days it was on production. Total production averaged 1,273 boe/d on a calendar day basis for the three months, with volumes being impacted by approximately 37 days of unscheduled third party downtime.
  • Record Revenue, Operating Netback and Funds from Operations: Blackbird reported a record $6.0 million ($51.53/boe) of petroleum and natural gas revenue, $3.4 million ($28.75/boe) of operating netback and $2.4 million ($20.51/boe) of funds from operations during the three months ended January 31, 2018. These results were achieved with the Company producing for approximately two-thirds of the quarter due to third party natural gas processing shut-downs. Management of the Company is very pleased with the operating netback per boe and how it compares with industry leaders.
  • Balance Sheet Strength Maintained: Blackbird remains well capitalized, and between its current credit facility and working capital surplus the Company has approximately $27.0 million of available funding in addition to its positive operating cash flow.
  • Advancing Northern Development Program: Blackbird continues to advance its development plans, and has successfully acquired 4 pad sites for near-term development and licensed 11 further wells north of the Wapiti River and to the west of Grande Prairie.

See below for a summary table containing certain financial and operational figures:

By the Numbers – Q2 2018
(CDN$ thousands, except where
otherwise noted)
Three months ended January 31 Six months ended January 31
2018   2017   % Change 2018   2017   % Change
 
Financial(1)
Petroleum and natural gas revenue 6,036   110   5,387   8,618   125   6,794  
Cash provided by (used in) operating
activities
3,536   (1,727 ) 305   1,422   (2,962 ) 148  
Net loss and comprehensive loss (1,705 ) (4,877 ) (65 ) (3,442 ) (5,936 ) (42 )
Net loss per share – basic and diluted
($/share)
(0.00 ) (0.01 ) (100 ) (0.00 ) (0.01 ) (100 )
Total assets 192,184   110,215   74   192,184   110,215   74  
Working capital 6,969   2,262   208   6,969   2,262   208  
Capital expenditures 17,491   30,830   (43 ) 46,732   38,180   22  
 
Operating(1)
Production            
Condensate & oil (bbls/d) 682   14   4,771   505   7   7,114  
NGLs (bbls/d) 49   1   4,800   39   -   100  
Natural gas (mcf/d) 3,248   42   7,633   2,680   21   12,662  
Non-core (boe/d) 1   6   (83 ) 1   10   (90 )
Total (boe/d) 1,273   28   4,446   992   21   4,624  
Liquids ratio (%) 57   54   6   55   33   67  
Condensate gas ratio (bbls/mmcf) 210   333   (36 ) 188   333   (43 )
Total liquids gas ratio (bbls/mmcf) 225   357   (36 ) 203   333   (39 )
         
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